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State pensioners born before 1953 are set to receive a weekly payment increase from the Department for Work and Pensions ( DWP ) in April next year.

Under the triple lock policy, the state pension increases by whichever is highest out of inflation, wage growth and 2.5%. Wage growth was the highest of the three figures at 4.8%.

Under this amount, the new state pension should rise by £574.60, while the basic state pension should go up by £439.40. The boost is £120 more than if it had been pegged to inflation, according to the Treasury.

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If the state pension goes up by the full £574.60, it will hit around £12,547 per year - just £23 short of the income tax threshold of £12,570, according to pension

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